Utah leaders react to Silicon Valley Bank collapse

Mar 13, 2023, 7:09 AM | Updated: Mar 16, 2023, 9:15 am
(FILE PHOTO: Chip Somodevilla/Getty Images)
(FILE PHOTO: Chip Somodevilla/Getty Images)

SALT LAKE CITY– Utah leaders are speaking out in the wake of the Silicon Valley Bank collapse.

Both Sen. Mitt Romney and Gov. Spencer Cox have voiced concerns.

“Hundreds of businesses were impacted…and it could have been devastating to our state,” Cox said during the Silicon Slopes Town Hall on Monday. “If the feds didn’t step up, the state would have,” Cox added.

Has the tech industry learned anything from the bank collapse? Listen at 10:50 to Dave and Dujanovic!



Cox said this collapse could trigger layoffs and that the government needs to step in for the sake of people and businesses who trusted the bank with their money. 

During the Silicon Slopes Town Hall, Romney said he’s confident that things will stabilize, but he doesn’t know when.

Romney spoke about the need for the federal government to step in after the collapse.

” I just don’t think we need to worry about the stability of our banking system…(or) the companies and individuals who have their deposits in federally-regulated banks,” Romney said.

Romney said fear of collapse leads people to move their money to a few large banks in New York City which would harm the livelihood of smaller regional banks and stifle the creation of new businesses.

Romney went on, “Depositors believed that federal regulations and regulators had taken steps that would protect banks from failing. SVB is proof that the regulations or the regulators failed.”


Sunday evening, the Treasury, Federal Reserve, and FDIC released a joint statement that said, “taking decisive actions to protect the U.S. economy by strengthening public confidence in our banking system.”


We want to hear from you.

Have a story idea or tip? Send it to the KSL NewsRadio team here.

Today’s Top Stories

Business + Economy

child labor...
Elizabeth Weiler

U.S. Department of Labor says Sodalicious violated child labor laws

SALT LAKE CITY — Four different locations of Utah soda and dessert shop Sodalicious went against federal child labor laws, according to the U.S. Department of Labor. By employing 19 minors and having them work long, non-permitted hours, the USDL found Sodalicious in violation.  Sodalicious‘ founding members are Annie and Kevin Auernig with 25 different […]
23 hours ago
Are tech companies moving too fast in rolling out powerful artificial intelligence technology that ...
MATT O'BRIEN AP Technology Writer

Musk, scientists call for halt to AI race sparked by ChatGPT

Their petition is a response to San Francisco startup OpenAI's recent release of GPT-4, a more advanced successor to its widely-used AI chatbot ChatGPT.
23 hours ago
wholesale inflation utah interest rates...
Mark Jones

The impact inflation is having on younger Americans

What kind of impact is inflation having on younger Americans? Dave & Dujanovic talked to a reporter from to discuss the matter.
2 days ago
Multiple dollar bills are pictured, social security will see a bump...
Mark Jones

How to talk to your spouse about finances? An expert weighs in.

Dave and Dujanovic discuss how we can discuss finances with our spouse.
3 days ago
More stores now offer customers the option to tip, from coffee shops to ice cream stores. Around 48...
Nathaniel Meyersohn, CNN

Americans facing a radically different tipping culture

People are tipping less of inflation, and they are also overwhelmed with the number of places that give them the option to tip with a card
3 days ago
mortgage rates...
Anna Bahney, CNN

What the banking crisis means for mortgage rates

When Treasury yields go up, so do mortgage rates; when they go down, mortgage rates tend to follow.
5 days ago

Sponsored Articles

Cheerful young woman writing an assignment while sitting at desk between two classmates during clas...
BYU EMBA at the Marriott School of Business

Hear it Firsthand: 6 Students Share Their Executive MBA Experience at BYU’s Marriott School of Business

The Executive MBA program at BYU offers great opportunities. Hear experiences straight from students enrolled in the program.
Skier being towed by a rider on a horse. Skijoring....
Bear Lake Convention and Visitors Bureau

Looking for a new winter activity? Try skijoring in Bear Lake

Skijoring is when someone on skis is pulled by a horse, dog, animal, or motor vehicle. The driver leads the skiers through an obstacle course over jumps, hoops, and gates.
Banner with Cervical Cancer Awareness Realistic Ribbon...
Intermountain Health

Five common causes of Cervical Cancer – and what you can do to lower your risk

January is National Cervical Cancer Awareness month and cancer experts at Intermountain Health are working to educate women about cervical cancer.
Kid holding a cisco fish at winterfest...
Bear Lake Convention and Visitors Bureau

Get ready for fun at the 2023 Bear Lake Monster Winterfest

The Bear Lake Monster Winterfest is an annual weekend event jam-packed full of fun activities the whole family can enjoy.
happy friends with sparklers at christmas dinner...

15 easy Christmas dinner ideas

We’ve scoured the web for you and narrowed down a few of our favorite Christmas dinner ideas to make your planning easy.
Spicy Homemade Loaded Taters Tots...

5 Game Day Snacks for the Whole Family (with recipes!)

Try these game day snacks to make watching football at home with your family feel like a special occasion. 
Utah leaders react to Silicon Valley Bank collapse